Agrify Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Agrify Corporation has filed its 2023 annual report detailing its financial performance and corporate status.</b>

AI Summary

Agrify Corp (RYM) filed a Annual Report (10-K) with the SEC on April 15, 2024. Agrify Corporation filed its annual report for the fiscal year ended December 31, 2023. The company is registered in Nevada and its principal executive offices are located in Troy, Michigan. Agrify's common stock trades on the NASDAQ Capital Market under the symbol AGFY. The company has elected to be treated as a smaller reporting company and an emerging growth company. Agrify has filed all required reports for the preceding 12 months and has been subject to such filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking Agrify Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Agrify's operations, financial health, and strategic direction for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's performance, risks, and future prospects in the agriculture technology sector.

Risk Assessment

Risk Level: medium — Agrify Corp shows moderate risk based on this filing. The company is classified as a non-accelerated filer and a smaller reporting company, indicating a potentially smaller scale of operations or market capitalization compared to larger filers.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Agrify's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year ended December 31, 2023)
• 001-39946 — Commission File Number (Commission File Number for Agrify Corporation)
• 30-0943453 — IRS Number (Registrant's IRS Employer Identification No.)
• AGFY — Trading Symbol (Common Stock trading symbol)

Key Players & Entities

• Agrify Corp (company) — Registrant name
• 2023 (date) — Fiscal year end
• December 31 (date) — Fiscal year end
• Nevada (jurisdiction) — State of incorporation
• Troy, Michigan (location) — Address of principal executive offices
• AGFY (ticker) — Trading Symbol
• NASDAQ Capital Market (exchange) — Name of each exchange on which registered
• 2024-04-15 (date) — Filing date

FAQ

Industry Context

Agrify Corporation operates in the agriculture technology sector, providing solutions for the cultivation of cannabis and hemp.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial and operational disclosures to the SEC.

What Investors Should Do

1. Analyze Agrify's financial statements for the fiscal year ended December 31, 2023.
2. Review the risk factors section for potential challenges and uncertainties facing the company.
3. Assess the company's strategic initiatives and outlook as presented in the Management's Discussion and Analysis.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-04-15: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the annual report for the fiscal year ended December 31, 2023, filed on April 15, 2024. Specific comparative data from the previous filing is not detailed in this excerpt.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share AGFY NASDAQ Capital Market
• $1,500 — sights, and we typically charge between $1,500 to $2,400 per VFU sold annually. Agrify
• $2,400 — d we typically charge between $1,500 to $2,400 per VFU sold annually. Agrify Insights

Filing Documents

• ea0203682-10k_agrify.htm (10-K) — 3112KB
• ea0203682ex21-1_agrify.htm (EX-21.1) — 8KB
• ea0203682ex23-1_agrify.htm (EX-23.1) — 2KB
• ea0203682ex31-1_agrify.htm (EX-31.1) — 9KB
• ea0203682ex32-1_agrify.htm (EX-32.1) — 4KB
• ea0203682ex97-1_agrify.htm (EX-97.1) — 27KB
• image_001.jpg (GRAPHIC) — 4KB
• 0001213900-24-033048.txt (&nbsp;) — 15649KB
• agfy-20231231.xsd (EX-101.SCH) — 128KB
• agfy-20231231_cal.xml (EX-101.CAL) — 69KB
• agfy-20231231_def.xml (EX-101.DEF) — 633KB
• agfy-20231231_lab.xml (EX-101.LAB) — 1119KB
• agfy-20231231_pre.xml (EX-101.PRE) — 637KB
• ea0203682-10k_agrify_htm.xml (XML) — 2707KB

Business

Business 1 Item 1A. Risk factors 15 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36 Item 2.

Properties

Properties 39 Item 3. Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6. [Reserved] 40 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 60 Item 8. Financial 61 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 61 Item 9A. Controls and Procedures 61 Item 9B. Other Information 62 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 62 PART III Item 10. Directors, Executive Officers and Corporate Governance 63 Item 11. Executive Compensation 63 Item 12. Security 63 Item 13. Certain Relationships and Related Transactions, and Director Independence 63 Item 14. Principal Accounting Fees and Services 63 PART IV Item 15. Exhibits and Financial Statement Schedules 64 Item 16. Form 10-K Summary 68

Signatures

Signatures 69 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements and information relating to Agrify Corporation. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect" and similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements relating to: our market opportunity; the effects of increased competition as well as innovations by new and existing competitors in our market; our ability to retain our existing customers and to increase our number of customers; the future growth of the indoor agriculture industry and demands of our customers; our ability to effectively manage or sustain our growth; potential issuance of holdback shares from prior acquisitions and integration of complementary businesses and technologies; our ability to maintain, or strengthen awareness of, our brand; future revenue, hiring plans, expenses, capital expenditures, and capital requirements; our ability to comply with new or modified laws and regulations that currently apply or become applicable to our business; the loss of key employees or management personnel; our financial performance and capital requirements; and our ability to maintain, protect, and enhance our intellectual property. We caution you that the foregoing list may not contain all of the forward-looking statements made in this report. We have based these forward-looking financial condition, results of operations, business strategy, short term and

Business

Business Overview We are a leading provider of innovative cultivation and extraction solutions for the cannabis industry, bringing data, science, and technology to the forefront of the market. Our proprietary micro-environment-controlled Agrify Vertical Farming Units ("VFUs") enable cultivators to produce high quality products with what we believe to be unmatched consistency, yield, and return investment at scale. Our comprehensive extraction product line, which includes hydrocarbon, alcohol, solventless, post-processing, and lab equipment, empowers producers to maximize the quantity and quality of extract required for premium concentrates. Since our inception, we have gone from primarily developing, selling, and supporting our VFUs along with our fully integrated Agrify Insights cultivation software ("Agrify Insights") to being able to offer customers a far more complete set of solutions, products, and services across both cultivation and extraction. This has been a function of both our natural evolution and through a set of strategic mergers and acquisitions. Since 2020, we have integrated six new brands into Agrify's broader organization. Our first acquisition, TriGrow Systems, Inc., was completed in January 2020. TriGrow Systems, Inc. was formerly the exclusive distributor of Agrify's VFUs. We added Harbor Mountain Holdings, LLC to our portfolio on July 21, 2020, to help scale up our manufacturing strategy with engineering, prototyping, manufacturing, testing, warehousing, and installation services. Since October 2021, we have been strategically focused on establishing ourselves as a global leader in the cannabis and hemp extraction equipment industry, complementing our cutting-edge cannabis and hemp cultivation solutions. Over five months, we acquired four of the top brand names in the industry. On October 1, 2021, we acquired Precision Extraction Solutions, a market leader in developing and producing high-quality hydrocarbon and alcohol extraction solution

View Full Filing

View this 10-K filing on SEC EDGAR